Good morning and good evening. It gives me great pleasure to attend today’s event. At the outset, on behalf of the Ministry of Commerce of China and Minister Wang Wentao, I wish to extend sincere congratulations on the convening of this event and heartfelt greetings to you all.
The China General Chamber of Commerce-USA has become a bridge and bond between China and the US. CGCC Chicago has actively organized events, including five annual galas, boosting economic and trade exchanges between the Midwest and China.
The Midwest plays a major part in the development of China-US commercial ties. Local governments and business communities vigorously support trade and economic cooperation with China. The City of Chicago, the State of Iowa and the State of Michigan have set up joint working groups on trade and investment cooperation with multiple Chinese provinces and cities, which facilitate people-to-people exchanges and trade and investment between the two sides.
China-US economic and trade ties are mutually-beneficial in nature. Over the past 40 plus years since our two countries established diplomatic ties, bilateral trade has grown by over 200 times. In 2020, China-US trade amounted to USD700 billion, and two-way investment stock exceeded USD250 billion, creating millions of jobs for both sides.
China-US trade shows resilience under adversity. In 2020, despite the COVID-19 pandemic and the trade frictions, China-US trade in goods still enjoyed a growth rate of 8.3%. US exports to the world excluding China dropped by 15%, while its exports to China increased by 17.1%. From January to September this year, bilateral trade in goods grew by 35.4% year-on-year.
China and the US enjoy huge potentials in two-way investment. A report by UNCTAD indicates that in 2020, global FDI plunged by 42%, while investment in China realized a positive growth of 4%. A US-China Business Council survey finds that 95% of the respondent companies made profits in China last year, and 74% continued to regard China as a major market. The US is also an important investment destination for Chinese enterprises. There are more than 7,000 Chinese-invested enterprises in the US, hiring over 220,000 local employees. We are willing to encourage Chinese enterprises to invest more in the US for win-win results.
Meanwhile, it should be recognized that China-US economic and trade relations still face grim challenges. Bilateral trade has not yet rebounded back to the historical high. Research by an American institute shows that 301 duties imposed on Chinese products took USD3.3 trillion away from the total market capitalization of US listed companies, caused a loss of 300,000 jobs, and cost American households an extra expenditure of over USD800 each on average.
President Xi Jinping has stressed on multiple occasions that China and the US stand to gain from cooperation and lose from confrontation, and cooperation is the only right choice for both countries. At present, with the virus still rampant, economic recovery fragile and global challenges emerging one after another, the world needs solidarity and cooperation. China is working to foster a new development paradigm, pursue opening up at a higher level and optimize its business environment to achieve high-quality development. In the meantime, the US is embarking on economic recovery. All these have created an enabling environment and new opportunities for us to expand cooperation.
Much can be achieved in China-US subnational commercial cooperation. MOFCOM held two seminars this year to explore the prospects of China-US cooperation in such areas as green and low-carbon development. Ohio Governor Mike DeWine and Chicago Mayor Lori Lightfoot, together with over ten governors and mayors from states and cities including California, New York, Washington, and North Carolina delivered remarks via video link. Over 400 people attended in person, joined by over 19 million live viewers on virtual platforms. It speaks volumes about people’s strong wish for and the enormous potentials of China-US trade and economic cooperation.
In closing, let us join hands and seize the opportunity to push for win-win cooperation. I wish the Gala and Summit every success. Thank you.